Interesting drama in the AGM today. One idiot by the name of Bernard so cockily told one new owner to shut up and not ask anything about the previous sinking fund. Vulgarities etc, almost came to fighting...i think that guy is drunk....trouble-maker, or maybe the old team's bouncer...lol. So proudly told others he owns 3 units...bah...as if that gave him the right to silence other owners with such behaviour.

Anyway, Adrian and some of the old team retained. Plus 2 new faces, one as treasurer, another as committee member. Committee increased to 7 ppl in total instead of just 5 previously (chairman, secretary, & treasurer included).

* Both proposals for increasing maintenance fee and introducing sinking fund were shot down as many asked for projection for what the money will be spent on. This is where the JMB was weak...they did not come prepared with a projection of how much expected to collect, how much will be spent on what (replace piping, etc), that's why both ideas was shot down. So another very vocal owner asked for major project-based collection instead based on a needs basis. BTW, did u guys know that the RM500 repainting fee should be RM805k and placed in a category called "Sinking Fund Reserve"? But actual collection is far less than 500k?

* We were informed that there's about RM5.6mil of unsettled dues by about 100 hardcore units. LoD will be sent out soon.

* Agreed for each unit to have a maximum of 5 free resident cards. Anymore required should be paid by the owners. This is one way to maintain security and a softer way to maintain the number of residents per unit.

In summary, I'm quite disappointed with this AGM. Although I was relieved the maintenance fee increase was not passed, I was not happy that Adrian's team did not come prepared with a projection of the expenses, there were big differences in expenses for the 2012 accounts compared to 2011 accounts that should have been more itemised in detail. Some owners digged out tiny problems rather than asking where did the money go to. There were lots of complaints, but many of the vocal ones when proposed to be elected into the committee, declined with "busy" being the excuse, even though they stay there and have the most complaints!

This post has been edited by yeeck: Jul 8 2013, 11:22 AM

On another matter, I was horrified to know that there are still owners and some ex and new committee members (after listening to them!) who do not know the difference between sinking fund and maintenance fees. Gosh, some even said, no big deal, left pocket, right pocket. WTH! OMG!

http://www.nccc.org.my/v2/index.php/sinking-fund

This post has been edited by yeeck: Jul 7 2013, 11:14 PM

Sinking fee is a must. Else how to replace the piping? Drop from the sky? Those residents who thinks it is not fair for the 100+ units to still owe 5.6mil in dues should be practical, coz those units will be sealed one day sooner or later. On our part as owners, we should support the sinking fund. But the JMB did not managed to give a projection to convince them to support, that also I feel is a problem.

If there are any owners who are lawyers or accountants, I would plead with them to please show up for such AGMs as there were questionable big figures in the statement of accounts, and to explain to those less educated owners on the law regarding sinking fund.

This is a perennial issue that has been brought up by new owners over and over again, so yesterday one gentleman asked Adrian and team to put out the explanation in print at the management office for the benefit of new owners. Previous sinking fund is virtually zero, due to hanky panky by old management corp or what I don't know, but the Liquidator so far retrieved back about 40k based on yesterday's statement of accounts ending Aug 2012.

After scrutinising the statement of accounts again, 805k is a debtor.
then collection entry to offset the 805k, but actual collection only came up to about 305k.

Who did the accounts, hmm?

Furthermore the repainting cost should not be reflected in P&L item as maintenance cost becoz it's on a separate cost that we paid on a project-basis. Agreed?

Did you attend the AGM?

Then don't talk wind here la...should have made ur voice known during the AGM.

Of course they are entitled to post, but when one didn't attend the AGM but said we should voice out, then I feel it is just talking wind.

Problem was the statement of accounts was only distributed at the AGM itself. So many ppl did not have much time to scrutinise in detail before preparing their questions. I'm no accountant but had questions on the figures given too. Luckily got accountant friends.

Are you related to him?

This post has been edited by yeeck: Jul 12 2013, 12:41 PM

Depends la brother. Bigger units got competition with the nearby condos like OG Heights, Fortuna Court, don't you think so?

Which floor r u staying at?

Even as investor, we also worry about staying problem because we certainly want to attract and retain good/stable tenants and command good rental returns.

Latest direct newsletter to residents attached.


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http://www.thestar.com.my/News/Nation/2013...an-Crushed.aspx

This post has been edited by yeeck: Aug 6 2013, 12:10 AM

Agreed. Families that need to rent are usually expat families, but how many expats do we have?

Used to have? I thought still got a lot of ME there...haha

Not 1300 or 1400 ah? Haha

Protest, protest!